The latest tax reform has brought many changes to the filing of individual tax returns. Filing your personal tax returns may have become easier under the new reform. It lowered tax rates, increased the standard deduction, doubled the child tax credit, and created a new “other dependents” credit.
However, some individuals still choose to hire a professional for personal tax services in Clearwater.
Should you also consider doing the same?
As contemplate that question consider…
5 Reasons to Hire a Professional to Prepare Your Personal Tax Return
1) A tax professional knows all tax laws and procedures.
Even if you done your personal tax returns on your own in the past, the most recent changes to the US tax code were the most dramatic in a generation. Not only were there numerous changes, but some of them are confusing and complex.
Just as you are an expert in your field because you spend 40+ hours at it every week, tax professionals are familiar with the tax laws and all the recent changes because we’re working with them every day.
2) A tax professional can make your complicated tax situation better.
If you own rental properties, a small business, or if you have a high net worth, filing your personal tax return may not be simple. A tax professional can help you in complicated tax situations.
Consultants, freelancers, and people with a side hustle can also benefit in hiring a tax professional. Self-employment taxes can get tricky, and with our help, you can take advantage of many deductions and write-offs.
3) A tax professional can help you save money.
A tax professional who understands the tax code can not only accurately prepare your tax returns, but can also show you ways to reduce your tax burden saving you money.
4) A tax professional can you save time.
Even if you use tax software to prepare your personal tax return, it can still take many hours to go through the entire process and answer all the questions. Is that how you want to spend your precious time?
Tax professionals are also familiar with errors that cause tax returns to get rejected and red flags that can lead to an audit. They can prepare your tax return in a way that prevents you from having to go through the hassle of refilling to correct errors and reduces the chance of having to go through a time-consuming audit.
5) A tax professional can give you peace of mind
Speaking of audits and correcting errors, wouldn’t it be nice to have the peace of mind that comes from knowing that your chances of getting audited or having to file corrections are extremely low?
And in the unlikely event that you do get audited or have to file a correction, you have a tax professional on your side who can guild you through it.
We’re not saying every individual should have a tax professional prepare their tax return, but now that you know the benefits, you can better make that decision for yourself.
If you are interested in personal tax services in Clearwater, Largo, Dunedin, Oldsmar, Lutz or Land O’ Lakes, contact FMA, C.P.A. to schedule a free consultation.